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Lumico and Elips Medicare Supplement Insurance 2024 Review
Lumico and Elips offer competitive Medigap premiums, but only a few plan types, and they serve a limited set of states.
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Written by Alex Rosenberg
Lead Writer
The bottom line: Lumico and Elips Life Insurance Company share Medigap products, but serve different states. Their premiums are competitive, and they spend a large proportion of premiums on member benefits. But Lumico and Elips’ plan types and state footprint are limited, and they don’t offer quotes online. Jump to: Full Review
Lumico and Elips Medicare Supplement pros and cons
Pros
Minimal overhead: Lumico and Elips spend more on member benefits and less on overhead than most other companies.
Premiums: Lumico and Elips tend to have lower prices than many competitors.
Cons
Plan options: You’ll need to look elsewhere for any plan types beyond A, F, G and N.
No online quotes: You can’t get a price quote or apply for a plan directly from Lumico or Elips online — you’ll have to talk to an agent.
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Our full review
Why trust NerdWallet
Lumico and Elips Medicare Supplement Insurance rating
Lumico and Elips earned 4 stars out of 5 for overall Medigap performance. NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account pricing, coverage options, online quote availability, complaint data from the National Association of Insurance Commissioners and more.
Lumico and Elips Medicare Supplement plan types
Here are the Medicare Supplement Insurance plan types Lumico and Elips offer for any Medicare member:
Medigap Plan A — the basic benefits included in every Medigap plan without any extras.
Medigap Plan N — a plan with lower premiums but higher copays.
Medigap Plan G — the highest-coverage option available to new Medicare members. Available as a high-deductible plan in certain locations.
Elips and Lumico also offer Medigap Plan F for individuals who were first eligible for Medicare before 2020. Newer Medicare members can't buy this plan from any insurance company.
In addition, Lumico offers plans in Minnesota and Elips offers plans in Wisconsin that fit each state's respective standards. (Massachusetts, Minnesota and Wisconsin don't use the same Medigap standardization system as the rest of the country.)
💬 From our Nerds: Are Lumico and Elips good Medicare Supplement Insurance companies?
“I'd call Lumico and Elips potentially solid Medigap options, as long as you can accept certain trade-offs. They have competitive premiums, but don’t offer many plan types, discounts or non-Medicare perks. If Lumico or Elips serve your area, they’re worth considering as you compare quotes.”
Note: Since Medigap plan options can vary by location, it’s a good idea to do your research, compare multiple quotes and consider working with a licensed insurance agent for more personalized recommendations.
— Alex Rosenberg, lead writer covering Medicare
Cost for Elips and Lumico Medicare Supplement Insurance
Lumico and Elips offer lower Medigap premiums than many competitors on the market. In estimates obtained for this review, Elips’ premiums for Medigap Plan G were about 18% higher than the cheapest alternative available in the same location. Plan N premiums were about 19% higher.
How we evaluate Medigap companies’ prices
Plan G
Elips price | Medicare.gov lowest price | |
|---|---|---|
Los Angeles | $185. | $148. |
Atlanta | $146. | $125. |
Dallas | $122. | $109. |
Plan N
Elips price | Medicare.gov lowest price | |
|---|---|---|
Los Angeles | $147. | $114. |
Atlanta | $109. | $95. |
Dallas | $93. | $82. |
Discounts
Qualifying applicants might be able to get a discount on Elips and Lumico’s Medicare Supplement Insurance premiums if they live with a spouse or other eligible adult.
Discount amounts and availability may vary according to factors such as your location, household status and how you apply for a policy.
Lumico and Elips member complaints
7% fewer complaints than average
Members file complaints about Medicare Supplement Insurance plans from Elips and Lumico at a rate about 7% lower than the average for all Medigap plans, according to 2022 and 2023 data from the National Association of Insurance Commissioners.
NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
Elips and Lumico’s spending on care
85.2% for member benefits
Lumico and Elips spent about 85.2% of Medigap premiums on member benefits, based on the most recent annual data. (The other 14.8% went to overhead expenses like administrative costs, marketing, salaries and commissions.) For comparison, the average for all providers is 80.4%.
Medicare Supplement Insurance providers must report data on the premiums they collect and how much they spend to provide benefits for members. The minimum required by law for individual Medigap policies is 60%.
Additional benefits
Medigap plans are standardized, but companies can offer extras on top of the Medicare benefits, such as fitness memberships or discounts on certain health and wellness products.
Lumico and Elips may offer fitness benefits through Silver&Fit in certain locations. Availability can vary by company and location, so check plan materials to confirm what’s available to you.
Lumico and Elips Medicare Supplement Insurance service area
Lumico and Elips serve different sets of states. Between Elips and Lumico, the companies cover 31 states.
Together, Elips and Lumico cover about 60,000 Medicare Supplement Insurance beneficiaries, with a combined market share of about 0.27%.
Compare Medicare Supplement Insurance companies
Get more information below about some of the major Medicare Supplement Insurance companies. These insurers offer Medigap plans in most states, but specifics may vary depending on your location.
Find the right Medicare Supplement Insurance plan
Because Medigap plans are standardized, you can get precisely the same Medicare benefits from any company offering the plan. So when you shop, keep these considerations in mind to find the best policy to fit your needs:
Is your preferred plan available? Health insurance companies don’t always sell every plan, so check who sells the plan you want to buy in your area.
What are the premiums? Prices for the same plan can vary between companies, so check to find the most competitive rates.
Will your premiums change over time? Most policies cost more as you age, but some companies offer policies that let you lock in a price when you sign up.
Are there extras? Medigap plans’ core benefits are standardized, but in certain cases, some companies include such perks as discount programs or gym memberships.
If you have additional questions about Medicare, visit Medicare.gov or call 800-MEDICARE (800-633-4227, TTY 877-486-2048).
Medicare Supplement Insurance ratings methodology
NerdWallet’s Medicare Supplement Insurance (Medigap) ratings are based on pricing, discounts, plan types offered, complaint data from the National Association of Insurance Commissioners, consumer experience, additional perks and benefits, and more. To calculate each health insurance company's rating, we adjusted the scores to a curved 5-point scale, rounded to the nearest half star.
NerdWallet reviewed 15 Medicare Supplement Insurance companies based on highest enrollment and greatest online search volume. At the national level, our scored reviews include companies covering about two-thirds of all Medigap beneficiaries. At the state level, our research includes at least one of the two largest Medigap insurance companies in 48 of the 50 states, plus Washington, D.C.
These ratings are a guide, but we encourage you to shop around and compare several insurance quotes to find the best coverage and rate for you. NerdWallet does not receive compensation for any reviews. Read our editorial guidelines and full ratings methodology for Medicare Supplement Insurance.
Insurer complaints methodology
We examined complaints received by state insurance regulators and reported to the National Association of Insurance Commissioners. To assess how insurers compare to one another, the NAIC calculates a complaint index each year for each subsidiary, measuring its share of total complaints relative to its size, or share of total premiums in the industry. To evaluate a company’s complaint history, we calculated a similar index for each insurance company, weighted by market shares of each subsidiary. We score companies based on this index of how many complaints the company receives relative to its market share. NerdWallet conducts its data analysis and reaches conclusions independently and without the endorsement of the NAIC.
